Ba Ria-Vung Tau, Dong Nai – magnet for foreign investors in southeastern region

Ba Ria-Vung Tau and Dong Nai provinces have become magnets for foreign direct investment (FDI) in the southeastern region.

Cai Mep-Thi Vai port is a factor that helps Ba Ria-Vung Tau province attract FDI. (Photo: VNA)

According to the Vietnam Foreign Investment Agency under the Ministry of Planning and Investment, Ba Ria-Vung Tau province topped the country in FDI attraction with newly registered FDI of more than US$1.52 billion in the first four months of this year, accounting for 16.4 percent of the country's total FDI capital, more than 12 times higher than the same period last year.

The provincial Party Committee Secretary Pham Viet Thanh highlighted local advantages, saying that the province has a particularly important strategic position, and is a gateway to the East Sea of the southeast region and the whole country, along with favorable natural conditions, hospitable people, and a quality workforce.

Under its development master plan by 2030, Ba Ria-Vung Tau will have 24 industrial parks with an area of 16,052 ha. In addition to 13 operating industrial parks, the Long Son Oil and Gas Industrial Park has been granted an investment registration certificate while two industrial parks are undergoing investment procedures, and seven others have been added to the planning.

Matsumoto Nobuyuki, chief representative of the Japan External Trade Organization (JETRO) in Ho Chi Minh City, said that Ba Ria-Vung Tau is one of the localities that JETRO has advised businesses to invest in.

According to him, the province has advantages such as Cai Mep Thi Vai port, Long Thanh International Airport which is under construction, oil and gas resources, and LNG warehouses, plus a stable electricity supply source.

It is next to Dong Nai and Binh Duong - two localities with factories ensuring sufficient supply for production.

Meanwhile, Dong Nai province has been considered a "magnet" to attract investors, especially global leading companies and corporations for many years, as a series of transportation infrastructure projects have been invested in and will be put into operation in the next few years such as Long Thanh international airport, Bien Hoa - Vung Tau expressway, and Ho Chi Minh City Ring Road 3.

According to Director of the Provincial Department of Planning and Investment Nguyen Huu Nguyen, Dong Nai is focusing on developing high-tech industry, trade, and logistics.

It offers incentives and support policies for investors in the fields of supporting industries, high technology, and others.

Besides, Dong Nai is paying attention to environmental issues and a high-quality workforce.

Chairman of the Ba Ria - Vung Tau Provincial People's Committee Nguyen Van Tho said apart from promoting its advantages, the province pays attention to addressing bottlenecks in the mechanism, reviewing and simplifying administrative procedures to create favorable conditions for businesses.

Ba Ria - Vung Tau strives to develop an economic axis linked to the Cai Mep - Thi Vai seaport, the inter-port transportation system, and National Highway 51.

Moreover, the Bien Hoa - Vung Tau expressway and Ho Chi Minh City Ring Road 4 will form a dynamic economic axis of industry – logistics.

The province also strives to develop large-scale industrial-service-urban complexes in the new city of Phu My.

In addition to two industrial parks in Vung Tau City and Dat Do district, the province's entire area for industrial park development will be located in Phu My and Chau Duc districts.

Industrial parks in this driving force axis attract selective investment in industries with high and advanced technology such as electricity - electronics, robot production, integrated automatic operation and remote control equipment, Internet of Things (IoT), artificial intelligence, production of means of transport, pharmaceuticals, and biological products.

Secretary of the Dong Nai Provincial Party Committee Nguyen Hong Linh said that entering a new stage of development, the province requires FDI enterprises to use modern technology and apply digital transformation.

The province targets to be one of the country's important growth poles by 2050, leading the nation in developing high-value industries, with focus on green economy and circular economy to reach the goal of carbon neutrality by 2050. Up to 65 countries and territories have registered to invest in Binh Duong.

To seize new opportunities, especially after Vietnam upgraded its partnership with a series of large economies such as the US, Japan, the Republic of Korea, China, and Australia, Binh Duong province has been proactive in those countries to call for investment.

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